EuroDry Ltd. Reports Results for the Quarter Ended March 31, 2024
On May 21, 2024, EuroDry (NASDAQ: EDRY) reported its financial results for Q1 2024. The company achieved net revenues of $14.4 million, a 27.2% increase from Q1 2023. However, the net loss attributable to controlling shareholders was $1.8 million ($0.65 per share), while the adjusted net loss stood at $3.2 million ($1.18 per share). The EBITDA was $2.1 million. An average of 13 vessels operated, with an average time charter equivalent rate of $12,455 per day. Notably, vessel operating expenses rose to $6.2 million due to an increased fleet size. The company also repurchased 299,646 shares worth $4.7 million under its share repurchase plan.
- Net revenues increased by 27.2% compared to Q1 2023.
- Average time charter equivalent rate rose to $12,455 per day.
- Company repurchased 299,646 shares worth $4.7 million.
- Fleet expanded to 13 vessels, up from 10 in Q1 2023.
- Net loss attributable to controlling shareholders was $1.8 million.
- Adjusted net loss stood at $3.2 million.
- Vessel operating expenses increased by $1.5 million to $6.2 million.
- Adjusted EBITDA decreased to $2.1 million from $2.4 million in Q1 2023.
Insights
EuroDry Ltd. has reported a mixed financial performance for the first quarter of 2024. The company experienced a 27.2% increase in total net revenues, reflecting an uptrend in the drybulk vessel market, with a revenue increase from
The average time charter equivalent rate rose to
EuroDry's ongoing share repurchase program, with 299,646 shares repurchased for
In summary: The revenue growth and share repurchase program are positives, but the increased operating expenses and net loss suggest caution.
The drybulk sector has faced various challenges, yet EuroDry has managed to maintain relatively stable charter rates, with Kamsarmax and Ultramax vessels seeing tripcharter rates of around
However, operational efficiency slightly decreased, with increased vessel operating expenses and a higher number of drydockings affecting profits. The company spent
Looking forward, EuroDry's exposure to short-term tripcharters and market-index-linked earnings positions it to potentially benefit from any market rate upticks. The company's cautious optimism regarding the sector is underpinned by a low order book percentage of the fleet and evolving carbon emissions regulations. However, economic uncertainties in China and globally might pose risks to demand, along with political factors affecting shipping routes.
Conclusion: The expansion in fleet size and stable charter rates are positive indicators, but the increased operational costs and economic uncertainties present notable risks.
EuroDry Ltd.'s Q1 2024 results reflect the broader trends within the drybulk shipping industry. The company's fleet has been strategically positioned to take advantage of potential rate increases by focusing on short-term charters and market-index-linked earnings. This strategy allows the company to remain adaptable and maximize revenue in fluctuating market conditions.
An important metric for investors to consider is the time charter equivalent (TCE) rate, which rose to
The drybulk sector's cyclical nature means that geopolitical tensions, trade policies and global economic health significantly impact performance. EuroDry's focus on modernizing its fleet and leveraging market conditions suggests a proactive approach to maintaining competitiveness. Yet, the ongoing geopolitical factors and economic conditions in key markets like China add layers of uncertainty.
Takeaway: EuroDry's strategic fleet management and improved TCE rates are positive, but investors should remain wary of the broader economic and geopolitical risks that could impact performance.
ATHENS, Greece, May 21, 2024 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three-month period ended March 31, 2024.
First Quarter 2024 Highlights:
- Total net revenues of
$14.4 million . - Net loss attributable to controlling shareholders, of
$1.8 million or$0.65 loss per share basic and diluted, respectively. - Adjusted net loss1 attributable to controlling shareholders for the quarter of
$3.2 million or$1.18 loss per share basic and diluted, respectively, before unrealized gain on derivatives. - Adjusted EBITDA1 was
$2.1 million . - An average of 13.0 vessels were owned and operated during the first quarter of 2024 earning an average time charter equivalent rate of
$12,455 per day. Refer to a subsequent section of the Press Release for the definition and method of calculation of time charter equivalent rate. - As of May 21, 2024, we had repurchased 299,646 shares of our common stock in the open market for
$4.7 million , since the initiation of our repurchase plan of up to$10 million , announced in August 2022.
Aristides Pittas, Chairman and CEO of EuroDry commented:
“During the second half of first quarter of 2024 and through mid-May 2024, drybulk earnings for Ultramax and Kamsarmax vessels have on average maintained the levels of the previous three months with tripcharter rates around
“We are positioning our fleet to take advantage of possible increases in rates and, thus, have all our vessels being exposed to the market either pursuing short term tripcharters or having their earnings linked to market indices. At the same time, we continuously evaluate investment opportunities in modern vessels and intend to continue our share repurchase program to exploit the difference between our share price and the intrinsic value of our shares.”
Tasos Aslidis, Chief Financial Officer of EuroDry commented:
“Our net revenues for the first quarter of 2024 were higher by
“Vessel operating expenses were
“Adjusted EBITDA during the first quarter of 2024 was
First Quarter 2024 Results:
For the first quarter of 2024, the Company reported total net revenues of
The Company reported a net loss for the period of
For the first quarter of 2024, voyage expenses amounted to
Related party management fees for the period were
General and administrative expenses were
In the first quarter of 2024, two of our vessels were drydocked in order to pass their special survey for a total cost of
Interest and other financing costs for the first quarter of 2024 increased to
For the three months ended March 31, 2024, the Company recognized a
Adjusted EBITDA for the first quarter of 2024 was
Basic and diluted loss per share attributable to the Company for the first quarter of 2024 was
Excluding the effect on the net loss attributable to controlling shareholders for the quarter of the unrealized loss / (gain) on derivatives, the adjusted loss for the quarter ended March 31, 2024 would have been
Fleet Profile:
The EuroDry Ltd. fleet profile is as follows:
| Name | Type | Dwt | Year Built | Employment(*) | TCE Rate ($/day) | |
| Dry Bulk Vessels | ||||||
| EKATERINI | Kamsarmax | 82,000 | 2018 | TC until Mar-25 | Hire | |
| XENIA | Kamsarmax | 82,000 | 2016 | TC until Jun-24 | ||
| ALEXANDROS P. | Ultramax | 63,500 | 2017 | TC until May-24 Then until Jul-24 | ||
| CHRISTOS K*** | Ultramax | 63,197 | 2015 | TC until May-24 | GBB**** of | |
| YANNIS PITTAS | Ultramax | 63,177 | 2014 | TC until Jun-24 | GBB**** of | |
| MARIA*** | Ultramax | 63,153 | 2015 | TC until Jun-24 | GBB**** pf | |
| GOOD HEART | Ultramax | 62,996 | 2014 | TC until May-24 | ||
| MOLYVOS LUCK | Supramax | 57,924 | 2014 | TC until Jun-24 | ||
| EIRINI P | Panamax | 76,466 | 2004 | TC until Jun-24 | ||
| SANTA CRUZ | Panamax | 76,440 | 2005 | TC until Jun-24 | GBB*** of | |
| STARLIGHT | Panamax | 75,845 | 2004 | TC until May-24 | ||
| TASOS | Panamax | 75,100 | 2000 | TC until Jul-24 | GBB**** of | |
| BLESSED LUCK | Panamax | 76,704 | 2004 | TC until Jul-24 | ||
| Total Dry Bulk Vessels | 13 | 918,502 | ||||
| Note: | |
| (*) | TC denotes time charter. Charter duration indicates the earliest redelivery date. |
| (**) | The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes. |
| (***) | The entity owning the vessel is |
| (****) | Gross Ballast Bonus. |
| (*****) | Rate will depend on the redelivery region. |
Summary Fleet Data:
| Three months, ended March 31, 2023 | Three months, ended March 31, 2024 | |||
| FLEET DATA | ||||
| Average number of vessels (1) | 10.00 | 13.00 | ||
| Calendar days for fleet (2) | 900.0 | 1,183.0 | ||
| Scheduled off-hire days incl. laid-up (3) | 6.0 | 52.5 | ||
| Available days for fleet (4) = (2) - (3) | 894.0 | 1,130.5 | ||
| Commercial off-hire days (5) | 2.2 | - | ||
| Operational off-hire days (6) | 2.5 | 21.4 | ||
| Voyage days for fleet (7) = (4) - (5) - (6) | 889.3 | 1,109.1 | ||
| Fleet utilization (8) = (7) / (4) | ||||
| Fleet utilization, commercial (9) = ((4) - (5)) / (4) | ||||
| Fleet utilization, operational (10) = ((4) - (6)) / (4) | ||||
| AVERAGE DAILY RESULTS | ||||
| Time charter equivalent rate (11) | 10,674 | 12,455 | ||
| Vessel operating expenses excl. drydocking expenses (12) | 6,065 | 6,183 | ||
| General and administrative expenses (13) | 888 | 684 | ||
| Total vessel operating expenses (14) | 6,953 | 6,867 | ||
| Drydocking expenses (15) | 564 | 1,493 | ||
(1) Average number of vessels is the number of vessels that constituted the Company’s fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company’s fleet during the period divided by the number of calendar days in that period.
(2) Calendar days. We define calendar days as the total number of days in a period during which each vessel in our fleet was owned by us including off-hire days associated with major repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during that period.
(3) The scheduled off-hire days including vessels laid-up are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up.
(4) Available days. We define available days as the total number of Calendar days in a period net of scheduled off-hire days incl. laid up. We use available days to measure the number of days in a period during which vessels were available to generate revenues.
(5) Commercial off-hire days. We define commercial off-hire days as days a vessel is idle without employment.
(6) Operational off-hire days. We define operational off-hire days as days associated with unscheduled repairs or other off-hire time related to the operation of the vessels.
(7) Voyage days. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of commercial and operational off-hire days. We use voyage days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes.
(8) Fleet utilization. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that period. We use fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons such as unscheduled repairs or days waiting to find employment.
(9) Fleet utilization, commercial. We calculate commercial fleet utilization by dividing our available days net of commercial off-hire days during a period by our available days during that period.
(10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our available days net of operational off-hire days during a period by our available days during that period.
(11) Time charter equivalent rate, or TCE, is a measure of the average daily net revenue performance of our vessels. Our method of calculating TCE is determined by dividing time charter revenue and voyage charter revenue net of voyage expenses by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract or are related to repositioning the vessel for the next charter. TCE provides additional meaningful information in conjunction with voyage revenues, the most directly comparable GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and because we believe that it provides useful information to investors regarding our financial performance. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters, pool agreements and bareboat charters) under which the vessels may be employed between the periods. Our definition of TCE may not be comparable to that used by other companies in the shipping industry.
(12) We calculate daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and related party management fees by dividing vessel operating expenses and related party management fees by fleet calendar days for the relevant time period. Drydocking expenses are reported separately.
(13) Daily general and administrative expense is calculated by us by dividing general and administrative expenses by fleet calendar days for the relevant time period.
(14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels. We compute TVOE as the sum of vessel operating expenses, related party management fees and general and administrative expenses; drydocking expenses are not included. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.
(15) Daily drydocking expenses is calculated by us by dividing drydocking expenses by the fleet calendar days for the relevant period. Drydocking expenses include expenses during drydockings that would have been capitalized and amortized under the deferral method. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during the period. The Company expenses drydocking expenses as incurred.
Conference Call and Webcast:
Today, May 21, 2024 at 10:30 a.m. Eastern Time, the Company's management will host a conference call and webcast to discuss the results.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “EuroDry” to the operator and/or conference ID 13746785.
Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away.
Audio webcast - Slides Presentation:
There will be a live and then archived audio webcast of the conference call, via the internet on the EuroDry website (www.eurodry.gr). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. A slide presentation on the First Quarter 2024 results in PDF format will also be available 10 minutes prior to the conference call and webcast accessible on the company's website (www.eurodry.gr) on the webcast page. Participants to the webcast can download the PDF presentation.
| EuroDry Ltd. Unaudited Consolidated Condensed Statements of Operations (All amounts expressed in U.S. Dollars – except number of shares) | ||||
| Three Months Ended March 31, | Three Months Ended March 31, | |||
| 2023 | 2024 | |||
| Revenues | ||||
| Time charter revenue | 9,317,850 | 15,321,785 | ||
| Voyage charter revenue | 2,609,775 | - | ||
| Commissions | (585,657 | ) | (897,140 | ) |
| Net revenues | 11,341,968 | 14,424,645 | ||
| Operating expenses / (income) | ||||
| Voyage expenses | 2,435,123 | 1,507,517 | ||
| Vessel operating expenses | 4,690,685 | 6,233,359 | ||
| Drydocking expenses | 507,827 | 1,765,630 | ||
| Vessel depreciation | 2,534,469 | 3,442,068 | ||
| Related party management fees | 767,455 | 1,080,994 | ||
| General and administrative expenses | 799,549 | 808,948 | ||
| Total operating expenses, net | 11,735,108 | 14,838,516 | ||
| Operating loss | (393,140 | ) | (413,871 | ) |
| Other income / (expenses) | ||||
| Interest and other financing costs | (1,466,919 | ) | (2,069,905 | ) |
| Gain on derivatives, net | 100,974 | 543,543 | ||
| Foreign exchange (loss) / gain | (13,464 | ) | 1,566 | |
| Interest income | 232,209 | 29,228 | ||
| Other expenses, net | (1,147,200 | ) | (1,495,568 | ) |
| Net loss | (1,540,340 | ) | (1,909,439 | ) |
| Net loss attributable to the non-controlling interest | - | 127,937 | ||
| Net loss attributable to controlling shareholders | (1,540,340 | ) | (1,781,502 | ) |
| Loss per share attributable to controlling shareholders, basic and diluted | (0.55 | ) | (0.65 | ) |
| Weighted average number of shares, basic and diluted | 2,803,049 | 2,733,491 | ||
| EuroDry Ltd. Unaudited Consolidated Condensed Balance Sheets (All amounts expressed in U.S. Dollars – except number of shares) | ||||
| December 31, 2023 | March 31, 2024 | |||
| ASSETS | ||||
| Current Assets: | ||||
| Cash and cash equivalents | 8,002,024 | 7,370,422 | ||
| Trade accounts receivable, net | 6,740,606 | 7,473,137 | ||
| Other receivables | 2,127,266 | 2,417,546 | ||
| Inventories | 4,117,663 | 3,450,150 | ||
| Restricted cash | 2,797,569 | 2,042,696 | ||
| Prepaid expenses | 243,380 | 321,532 | ||
| Derivatives | 196,627 | 201,778 | ||
| Total current assets | 24,225,135 | 23,277,261 | ||
| Fixed assets: | ||||
| Vessels, net | 203,528,116 | 200,344,349 | ||
| Long-term assets: | ||||
| Derivatives | - | 132,352 | ||
| Restricted cash | 3,300,000 | 3,300,000 | ||
| Total assets | 231,053,251 | 227,053,962 | ||
| LIABILITIES, AND SHAREHOLDERS' EQUITY | ||||
| Current liabilities: | ||||
| Long term bank loans, current portion | 17,804,553 | 16,865,238 | ||
| Trade accounts payable | 3,146,931 | 4,988,987 | ||
| Accrued expenses | 2,320,606 | 1,973,172 | ||
| Derivatives | 1,287,720 | - | ||
| Deferred revenue | 346,838 | 148,860 | ||
| Due to related companies | 577,542 | 2,244,511 | ||
| Total current liabilities | 25,484,190 | 26,220,768 | ||
| Long-term liabilities: | ||||
| Long term bank loans, net of current portion | 86,123,063 | 83,752,534 | ||
| Derivatives | 17,769 | - | ||
| Total long-term liabilities | 86,140,832 | 83,752,534 | ||
| Total liabilities | 111,625,022 | 109,973,302 | ||
| Shareholders' equity: | ||||
| Common stock (par value | 28,324 | 28,017 | ||
| Additional paid-in capital | 68,069,724 | 67,631,901 | ||
| Retained earnings | 41,564,249 | 39,782,747 | ||
| Total EuroDry Ltd. common shareholders’ equity | 109,662,297 | 107,442,665 | ||
| Non-controlling interest | 9,765,932 | 9,637,995 | ||
| Total shareholders' equity | 119,428,229 | 117,080,660 | ||
| Total liabilities and shareholders' equity | 231,053,251 | 227,053,962 | ||
| EuroDry Ltd. Unaudited Consolidated Condensed Statements of Cash Flows (All amounts expressed in U.S. Dollars) | ||||
| Three Months Ended March 31, | Three Months Ended March 31, | |||
| 2023 | 2024 | |||
| Cash flows from operating activities: | ||||
| Net loss | (1,540,340 | ) | (1,909,439 | ) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
| Vessel depreciation | 2,534,469 | 3,442,068 | ||
| Amortization and write off of deferred charges | 52,838 | 65,157 | ||
| Share-based compensation | 256,897 | 233,937 | ||
| Unrealized loss / (gain) on derivatives | 1,945,304 | (1,442,992 | ) | |
| Changes in operating assets and liabilities | (398,374 | ) | 2,583,203 | |
| Net cash provided by operating activities | 2,850,794 | 2,971,934 | ||
| Cash flows from investing activities: | ||||
| Cash paid for vessel acquisition | - | (132,754 | ) | |
| Cash paid for vessel sale expenses | (15,274 | ) | - | |
| Cash paid for vessels capitalized expenses | (44,309 | ) | (178,587 | ) |
| Net cash used in investing activities | (59,583 | ) | (311,341 | ) |
| Cash flows from financing activities: | ||||
| Cash paid for share repurchases | (1,000,122 | ) | (672,068 | ) |
| Repayment of long-term debt | (14,935,000 | ) | (3,375,000 | ) |
| Net cash used in financing activities | (15,935,122 | ) | (4,047,068 | ) |
| Net decrease in cash, cash equivalents and restricted cash | (13,143,911 | ) | (1,386,475 | ) |
| Cash, cash equivalents and restricted cash at beginning of period | 37,123,013 | 14,099,593 | ||
| Cash, cash equivalents and restricted cash at end of period | 23,979,102 | 12,713,118 | ||
| Cash breakdown | ||||
| Cash and cash equivalents | 20,364,410 | 7,370,422 | ||
| Restricted cash, current | 1,829,692 | 2,042,696 | ||
| Restricted cash, long term | 1,785,000 | 3,300,000 | ||
| Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 23,979,102 | 12,713,118 |
| EuroDry Ltd. Reconciliation of Net loss to Adjusted EBITDA (All amounts expressed in U.S. Dollars) | ||||
| Three Months Ended March 31, 2023 | Three Months Ended March 31, 2024 | |||
| Net loss | (1,540,340 | ) | (1,909,439 | ) |
| Interest and other financing costs, net (incl. interest income) | 1,234,710 | 2,040,677 | ||
| Vessel depreciation | 2,534,469 | 3,442,068 | ||
| Unrealized gain on Forward Freight Agreement derivatives | (42,195 | ) | (1,287,720 | ) |
| Loss / (gain) on interest rate swap derivatives | 177,598 | (210,640 | ) | |
| Adjusted EBITDA | 2,364,242 | 2,074,946 | ||
Adjusted EBITDA Reconciliation:
EuroDry Ltd. considers Adjusted EBITDA to represent net loss before interest, income taxes, depreciation, unrealized gain on Forward Freight Agreements (“FFAs”) and loss / (gain) on interest rate swap derivatives. Adjusted EBITDA does not represent and should not be considered as an alternative to net loss, as determined by United States generally accepted accounting principles, or GAAP. Adjusted EBITDA is included herein because it is a basis upon which the Company assesses its financial performance because the Company believes that this non-GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period by excluding the potentially disparate effects between periods of, financial costs, unrealized gain on FFAs, loss / (gain) on interest rate swap derivatives and depreciation. The Company's definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries.
| EuroDry Ltd. Reconciliation of Net loss attributable to controlling shareholders to Adjusted net income / (loss) attributable to controlling shareholders (All amounts expressed in U.S. Dollars – except share data and number of shares) | ||||
| Three Months Ended March 31, 2023 | Three Months Ended March 31, 2024 | |||
| Net loss attributable to controlling shareholders | (1,540,340 | ) | (1,781,502 | ) |
| Unrealized loss / (gain) on derivatives | 1,945,305 | (1,442,992 | ) | |
| Adjusted net income / (loss) attributable to controlling shareholders | 404,965 | (3,224,494 | ) | |
| Adjusted earnings / (loss) per share, basic and diluted | 0.14 | (1.18 | ) | |
| Weighted average number of shares, basic and diluted | 2,803,049 | 2,733,491 | ||
Adjusted net income / (loss) and Adjusted earnings / (loss) per share Reconciliation:
EuroDry Ltd. considers Adjusted net income / (loss) attributable to controlling shareholders, to represent net loss before unrealized loss / (gain) on derivatives, which includes FFAs and interest rate swaps. Adjusted net income / (loss) attributable to controlling shareholders and Adjusted earnings / (loss) per share is included herein because we believe they assist our management and investors by increasing the comparability of the Company's fundamental performance from period to period by excluding the potentially disparate effects between periods of unrealized loss / (gain) on derivatives, which may significantly affect results of operations between periods. Adjusted net income / (loss) attributable to controlling shareholders and Adjusted earnings / (loss) per share do not represent and should not be considered as an alternative to net loss or loss per share, as determined by GAAP. The Company's definition of Adjusted net income / (loss) attributable to controlling shareholders and Adjusted earnings / (loss) per share may not be the same as that used by other companies in the shipping or other industries. Adjusted net income / (loss) attributable to controlling shareholders and Adjusted earnings / (loss) per share are not adjusted for all non-cash income and expense items that are reflected in our statement of cash flows.
About EuroDry Ltd.
EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd into a separate listed public company. EuroDry was spun-off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY.
EuroDry operates in the dry cargo, drybulk shipping market. EuroDry's operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters.
The Company has a fleet of 13 vessels, including 5 Panamax drybulk carriers, 5 Ultramax drybulk carriers, 2 Kamsarmax drybulk carriers and 1 Supramax drybulk carrier. EuroDry’s 13 drybulk carriers have a total cargo capacity of 918,502 dwt.
Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Visit our website www.eurodry.gr
| Company Contact | Investor Relations / Financial Media |
| Tasos Aslidis Chief Financial Officer EuroDry Ltd. 11 Canterbury Lane, Watchung, NJ07069 Tel. (908) 301-9091 E-mail: aha@eurodry.gr | Nicolas Bornozis Markella Kara Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY10169 Tel. (212) 661-7566 E-mail: eurodry@capitallink.com |
_________________________
1Adjusted EBITDA, Adjusted net income / (loss) attributable to controlling shareholders and Adjusted earnings / (loss) per share are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for EuroDry’s financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with GAAP.
FAQ
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